PROVINCIAL EXAMINATION

JUNE 2023
GRADE 11

ACCOUNTING
PAPER 2

ANSWER BOOK

TIME: 2 hours
MARKS: 150

11 pages

Name of school:
Name of learner:
Date:

Marks Moderated
Question Topic Marks
obtained marks
1. Bank Reconciliation 40

2. Creditors’ Reconciliation 25

3. Fixed Assets and Asset 55

Disposal

4. Financial Indicators 30

TOTAL
150

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 ACCOUNTING ANSWER2BOOK
PAPER 2 GRADE 11

QUESTION 1: BANK RECONCILIATION (40 marks; 32 minutes)

QUESTION 1.1: TRUE AND FALSE

ANSWER

1.1.1
1.1.2
1.1.3
1.1.4
1.1.5

QUESTION 1.2

Update the CRJ and CPJ totals in the table provided.

CASH RECEIPTS JOURNAL CASH PAYMENTS JOURNAL

116 400 132 500

14

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 ACCOUNTING ANSWER3BOOK
PAPER 2 GRADE 11

1.2.2 Calculate the correct bank account balance in the General Ledger on
30 June 2023. Show ALL workings.

1.2.3 Prepare the Bank Reconciliation Statement as at 30 June 2023.

Bank Reconciliation Statement of Zulu Stores on 30 June 2023

Debit Credit

12

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PAPER 2 GRADE 11

1.2.4 Explain why the accountant should be concerned about the deposit
of R12 700 on 20 June 2023. Provide TWO points.

40

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PAPER 2 GRADE 11

QUESTION 2: CREDITORS’ RECONCILIATION (25 marks; 20 minutes)

2.1 Creditors' Ledger of Sunrays Nurseries

Rose Traders

Date Details Fol. Debit Credit Balance

Apr
30 Incorrect balance 3 266

14

2.2 Creditors' Reconciliation Statement of Sunrays Nurseries on

30 April 2023

Balance as per Creditors' Statement 16 727

11

25

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 ACCOUNTING ANSWER6BOOK
PAPER 2 GRADE 11

QUESTION 3: FIXED ASSETS AND ASSET DISPOSAL (55 marks; 44 minutes)

3.1 FIXED ASSETS AND ASSET DISPOSAL

ANSWER

3.1.1
3.1.2
3.1.3
3.1.4
3.1.5
5

Amount for this

3.2.1 DEPRECIATION CALCULATION
year
NEW:

SOLD:
Year 1:

Year 2:

Year 3:

Total:
OLD:

Total depreciation for the year:

16

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 ACCOUNTING ANSWER7BOOK
PAPER 2 GRADE 11

3.2.2
Dr Asset Disposal Account N6 Cr

3.2.3 Fixed Assets Land and Vehicles

buildings
Carrying value 1/7/2022

Cost

Accumulated depreciation

Movements
Additions

Disposals
Depreciation
Carrying value 30/6/2023

Cost
Accumulated depreciation

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PAPER 2 GRADE 11

3.3 INTERNAL CONTROL OF ASSETS

3.3.1 Jeanette is aware that most assets lose value due to normal wear and
tear. Which fixed asset does not normally depreciate at the end of the
financial year? Briefly explain why this asset does not depreciate. (2)

3.3.2 Jeanette takes the laptops home every day for her children to use so
they can access their online lessons.
Explain how the depreciation will be dealt with for these laptops.
Refer to the applicable GAAP principle in your answer. (3)

3.3.3 Jeanette noticed that one of the mini van’s kilometre reading is higher
than it should be. Give ONE practical solution on how she can solve this
issue. (2)

55

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PAPER 2 GRADE 11

QUESTION 4: FINANCIAL INDICATORS (30 marks; 24 minutes)

4.1 Calculate the mark-up on cost that the business achieved for the year
ended 30 June 2023. (3)

4.2 Refer to your answer to QUESTION 4.1. Is there cause for concern? Give
ONE reason for your answer. (2)
YES/NO

4.3 If the business does not achieve the intended mark-up of 100%, it does
not always indicate problems.

4.3.1 Give ONE possible reason where not achieving the intended
mark-up is NOT a cause for concern. (1)

4.3.2 Give ONE possible reason where not achieving the intended
mark-up IS a cause for concern. (1)

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PAPER 2 GRADE 11

4.4 Calculate the operating expenses on sales for the year ended 30 June
2023. (3)

4.5 Refer to your answer to QUESTION 4.4. In your opinion, has the
business been able to control its operating expenses well? Give ONE
reason, with figures, for your answer. (2)
YES/NO

4.6 The partners are of the opinion that the profitability of the business has
deteriorated from last year. State TWO indicators, with figures and
trends, to support their opinion. (4)

4.7 Calculate the stock turnover rate for the year ended 30 June 2023. (3)

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4.8 Refer to your answer to QUESTION 4.7. Is there cause for concern? Give
ONE reason for your answer. (2)
YES/NO

4.9 Calculate the number of days for which there is stock on hand. (3)

4.10 Refer to your answer to QUESTION 4.9. Is there cause for concern? Give
ONE reason for your answer. (2)
YES/NO

4.11 How can a business improve its control over its debtors and creditors?
Mention ONE way to improve control over debtors and ONE way to
improve control over creditors.

Debtors:
(2)

Creditors: (2)

30
TOTAL: 150
,

END